The Spray Foam Market is slated to exceed USD 2.7 billion by 2027, Says Global Market Insights Inc.
The growth of the spray foam market is driven by soaring demand for building insulation in construction applications, economic development of emerging countries, harsh weather conditions in key regions, and increasing number of residential projects, says this report.
SELBYVILLE, Del., Dec. 14, 2021 /PRNewswire/ -- As per the latest research report by Global Market Insights Inc., the Spray Foam Market was estimated at USD 1.8 billion in 2020 and is speculated to reach a valuation of around USD 2.7 billion by 2027, registering with a CAGR of 6.8% from 2021 to 2027. The report gives a detailed assessment of drivers & opportunities, market size & estimations, top winning strategies, competitive scenario, wavering market trends, and major investment pockets.
Spray foams is widely used for several applications, such as energy-efficient household insulation, soundproofing, noise reduction, preventing mold growth, reducing the number of allergens entering the building, and filling in gaps in walls and around doors and windows, among others. Widespread usage of spray foams as a home improvement tool is slated to foster product outlook. Growing building & construction industry in developing regions, coupled with technology innovations, is also set to fuel market growth through the forecast period.
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Open-cell spray foam gives protection from adverse weather conditions, corrosions, cracks, and so forth, in residential and commercial buildings. These foams offer several excellent features, including low carbon footprint and thermal insulation, which has facilitated product usage in building interiors due to its permeability towards air & moisture. Increasing global population, coupled with economic development in emerging nations, is set to impel product demand. Propelled by these factors, the open cell product segment is slated to register a CAGR of approximately 7% over the analysis timeline.
In terms of density, the medium segment is estimated to see steady expansion to garner a valuation of more than USD 680 million by 2027. Medium-density spray foam is extensively used for larger projects like renovations and building construction as high-pressure two-component spray foam. It is typically utilized as low-pressure two-component spray foam for insulating small- to mid-sized areas. Medium-density foams also offer a high tensile and bond strength, which is likely to fuel segmental growth through the assessment period.
Key reasons for spray foam market growth:
- Prevalent product use in construction activities.
- Mounting product importance in building insulation.
- Growing consumer demand for energy-efficient heating solutions.
2027 forecasts show 'residential' segment retaining its dominance:
From the application perspective, the residential segment held a considerable share in the market in 2020 and is expected to grow at a notable pace over 2021-2027. Rising number of residential projects facilitated by mounting demand for residential spaces has boosted product demand in residential applications. Government policies to increase investments, coupled with increasing availability of skilled workforce at low costs, are likely to augment segmental growth in the coming years.
Asia Pacific to maintain top status in terms of revenue:
By region, the Asia Pacific spray foam market accounts for around 15% of the overall industry revenue and is expected to grow at a sizable CAGR through the forecast timeline. Growing population, improved standards of living, and a rise in disposable income are set to fuel regional market growth. In addition, governments of various economies in the APAC region are also implementing numerous measures to offer homes at lower interest rates, which is set to drive product demand. Moreover, surging focus of various international conglomerates on opening their service and production facilities in the country is likely to contribute to regional market growth in the future.
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Impact of COVID-19 pandemic on spray foam market:
The COVID-19 outbreak disrupted the supply chain due to government-imposed lockdowns across the globe. Consequently, the halt in construction activities and home projects adversely affected the spray foam market in the initial stages of the pandemic. However, with lockdowns easing up, rising consumer interest in renovation and remodeling projects and increased focus of governments on economic recovery have enabled companies in the sector to resume their operations, which has bolstered product uptake. Moreover, increasing climate consciousness among consumers has boosted interest in more sustainable insulation solutions, thereby enhancing market dynamics during the pandemic.
Leading market players:
Key companies functioning in the global spray foam industry include CertainTeed, Purios, Techno Foam Co., Ltd., Demilec, BASF, Carlisle Companies, Synthesia Technology, SWD Urethane, Genyk, Isothane Ltd., Icynene, Inc., Accella, International Cellulose Corp., Specialty Products, Inc., Rhino Linings Corporation, and others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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SOURCE Global Market Insights Inc.
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